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Indian Govt Plan to Simplify its Income Tax filling rules in Budget
Budget 2025 Income Tax Filing: India plans to simplify income tax filing rules to make it less tedious for taxpayers and reduce disputes. The changes being discussed include using formulas and tables, and reducing additional forms. The revised legislation is expected to be released for public consultation around mid-January, with the final version coming in the February budget.
India’s government plans to simplify its income tax filing rules to make it less tedious for taxpayers to comply with the law and help cut down on disputes that have ballooned to more than $120 billion over the past decade.
A proposed revamp of the Income-tax Act of 1961 is currently being finalized and will likely be issued for public consultation around mid-January, according to people familiar with the matter, who asked not to be identified as the information isn’t public. The revised legislation will then be released in the government’s budget, expected in early February, they said.
The changes involve simplifying the language and rationalizing information by using formulas and tables, and won’t include any adjustments to tax rates and policy, the people said.
The Finance Ministry didn’t immediately respond to an email seeking comment.
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